Math Problem Statement
Parents wish to have $ 90 comma 000 available for a child's education. If the child is now 10 years old, how much money must be set aside at 6 % compounded semiannually to meet their financial goal when the child is 18?
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Finance
Formulas
A = P(1 + r/n)^(nt)
P = A / (1 + r/n)^(nt)
Theorems
Compound Interest Formula
Suitable Grade Level
Grades 10-12
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